What type of auction is conducted without any reserve price?

An absolute auction is characterized by the absence of a reserve price, meaning that the item being auctioned will be sold to the highest bidder regardless of the final bid amount. This format creates a sense of urgency and excitement among bidders, as they know that any bid placed can potentially win the item, making it attractive for sellers who are motivated to sell quickly.

In contrast, a sealed bid auction involves participants submitting confidential bids without knowledge of other bids, which can result in the highest bid winning, but it may or may not involve a reserve price depending on the auction terms set by the seller. Online auctions and live auctions can vary in their structure regarding reserve prices, but they do not inherently designate the absence of one the way an absolute auction does. Thus, the defining feature of an absolute auction is the straightforward selling mechanism without any reserved or set minimum bid.